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Based on the facts and exhibits presented, the Property Tax
Appeal Board hereby finds a reduction in the assessment of the
property as established by the Cook County Board of Review is
warranted. The correct assessed valuation of the property is:
DOCKET # PIN LAND IMPROVEMENT TOTAL__
03-22550.001-C-3 11-29-108-011 $39,362 $327,338 $366,700
03-22550.002-C-3 11-29-108-012 $39,362 $327,338 $366,700
Subject only to the State multiplier as applicable.
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PROPERTY TAX APPEAL BOARD'S DECISION
APPELLANT: Lakefront Healthcare Center, Inc.
DOCKET NO.: 03-22550.001-C-3 and 03-22550.002-C-3
PARCEL NO.: 11-29-108-011 and 11-29-108-012
The parties of record before the Property Tax Appeal Board (hereinafter PTAB) are Lakefront Healthcare Center, Inc., the appellant, by Attorneys Kevin P. Burke and Adam Powers with the law firm of Smith, Hemmesch, Burke & Brannigan in Chicago; the Cook County Board of Review by Assistant State's Attorneys Aaron Bilton and Bill Blyth with the Cook County State's Attorneys Office in Chicago; and the intervenor, Chicago Board of Education, by Attorney Ares G. Dalianis with the law firm of Franczek, Radelet & Rose in Chicago.
The subject property consists of a 32-year-old, three-story, masonry constructed, 99-bed nursing home containing 17,810 square feet of above grade building area on two parcels totaling 15,000 square feet of land. The appellant argued that the fair market value of the subject is not accurately reflected in its assessed value.
In support of this market value argument, the appellant submitted a complete, self-contained appraisal of the subject with an